CaliforniaDigital financial assets.
What it does
The Unclaimed Property Law provides that all intangible personal property of an apparent owner whose last known address or domicile was in the state, including intangible personal property maintained in a deposit or an account, which is held in a fiduciary capacity for the benefit of another person, escheats to the state if for more than 3 years after it becomes payable or distributable, the apparent owner has not taken specified actions showing an interest in or control of the property.
More detail
This bill would provide that intangible property held in a digital financial asset account escheats to the state 3 years after either written or electronic communication to the owner is returned undelivered, or the date of the last exercise of ownership interest, as defined, by the owner. The bill would require the holder of a private key for a digital financial asset account that has escheated to the state to transfer the digital financial asset to the Controller. The bill would authorize the Controller to appoint a custodian that holds a valid license issued by the Department of Financial Protection and Innovation, as specified.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Aug 29In committee: Held under submission.Latest
- Aug 18In committee: Referred to suspense file.Minor
- Vote recorded Placed on suspense file. Result: pass.Upper
- Jul 14Re-referred to Com. on APPR.Minor
- Jul 14Withdrawn from committee.Major
- Jul 14In committee: Hearing postponed by committee.
- Jul 3Read second time and amended. Re-referred to Com. on B. & F.I.Major
- Jul 2From committee: Amend, and do pass as amended and re-refer to Com. on B. & F.I. (Ayes 13. Noes 0.) (July 1).Major
- Jul 1
- Vote recorded Do pass as amended, but first amend, and re-refer to the Committee on [Banking and Financial Institutions]. Result: pass.Upper
- Jun 18Referred to Coms. on JUD. and B. & F.I.Minor
- Jun 4In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Vote recorded AB 1052 Valencia Assembly Third Reading. Result: pass.Lower
- Jun 3Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 2012.)Passed Assembly
- May 27Read second time. Ordered to third reading.Minor
- May 23Read second time and amended. Ordered returned to second reading.Major
- Vote recorded Do pass as amended. Result: pass.Lower
- May 23From committee: Amend, and do pass as amended. (Ayes 11. Noes 0.) (May 23).Major
- May 23Assembly Rule 63 suspended. (Ayes 51. Noes 16. Page 1644.)
- May 14In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- May 5Re-referred to Com. on APPR. pursuant to Assembly Rule 96.Minor
- May 5Re-referred to Com. on ELECTIONS.Minor
- May 1From committee chair, with author's amendments: Amend, and re-refer to Com. on ELECTIONS. Read second time and amended.Major
- Apr 28In committee: Set, first hearing. Hearing canceled at the request of author.
- Apr 22From committee: Do pass and re-refer to Com. on ELECTIONS. (Ayes 9. Noes 0.) (April 21). Re-referred to Com. on ELECTIONS.Minor
- Apr 21
- Vote recorded Do pass and be re-referred to the Committee on [Elections]. Result: pass.Lower
- Apr 1Re-referred to Com. on B. & F.Minor
- Mar 28From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.Major
- Mar 28Referred to Coms. on B. & F. and ELECTIONS.Minor
- Feb 21From printer. May be heard in committee March 23.
- Feb 20Read first time. To print.Introduced